Core Viewpoint - Teck Resources Limited has reported its fourth quarter 2025 production and sales volumes, reaffirmed production and cost guidance for 2026 to 2028, and anticipates positive settlement pricing adjustments due to increased base metal prices [1][7]. Production Results - Teck's annual copper production for 2025 was 453,500 tonnes, aligning with guidance, supported by strong operational performance, particularly at Quebrada Blanca, which produced 55,400 tonnes in Q4 [3][6]. - Annual zinc in concentrate production reached 565,000 tonnes, at the higher end of guidance, with Q4 sales of 157,200 tonnes [4][6]. - Refined zinc production for 2025 was 229,900 tonnes, also at the high end of guidance, focusing on profitability through residue processing [5][6]. Pricing Adjustments - The company expects to report positive settlement pricing adjustments of $295 million in Q4 2025 due to an increase in base metals prices [7]. Guidance - There are no changes to the previously disclosed annual production guidance for 2026–2028, with a specific decrease in 2026 zinc in concentrate production guidance for Antamina from 55,000–65,000 tonnes to 35,000–45,000 tonnes [8]. - The 2026 annual copper production guidance for Antamina remains unchanged at 95,000–105,000 tonnes [8].

Core Viewpoint - Investors are evaluating Nexa Resources S.A. (NEXA) and Teck Resources Ltd (TECK) to determine which company represents a better undervalued stock opportunity [1] Group 1: Zacks Rank and Earnings Outlook - Nexa Resources S.A. has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while Teck Resources Ltd has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting that NEXA's earnings outlook is improving more significantly than TECK's [3] Group 2: Valuation Metrics - NEXA has a forward P/E ratio of 10.74, significantly lower than TECK's forward P/E of 28.43, indicating that NEXA may be undervalued [5] - NEXA's PEG ratio is 0.31, compared to TECK's PEG ratio of 0.57, suggesting that NEXA offers better value relative to its expected earnings growth [5] - NEXA's P/B ratio is 1.25, while TECK's P/B ratio is 1.34, further supporting the notion that NEXA is more attractively valued [6] Group 3: Overall Value Assessment - Based on various valuation metrics, NEXA holds a Value grade of A, whereas TECK has a Value grade of D, indicating that NEXA is the preferred choice for value investors at this time [6]

Core Viewpoint - The diamond industry is experiencing a downturn, but the engagement ring of pop star Taylor Swift has sparked renewed interest in natural diamonds, potentially more than traditional marketing efforts [1][16]. Industry Overview - The global diamond business is facing challenges due to weak demand, geopolitical uncertainty, and the rise of lab-grown diamonds, which are cheaper and visually identical to mined stones [2]. - Lab-grown diamonds now represent over 50% of engagement rings sold in the US, with prices significantly lower than natural diamonds, sometimes by as much as 90% [3]. Market Impact - The resale value of lab-grown diamonds is considerably lower than that of natural diamonds, often dropping by up to 40% due to their mass-producible nature [4]. - Major players like Botswana have had to cut production and jobs due to falling revenues, with Debswana estimated to reduce output by 40% in 2025 [4]. - De Beers has stockpiled approximately $2 billion in unsold diamonds and has cut prices by over 10% in 2023, while also planning to reduce its workforce by more than 1,000 [5]. Celebrity Influence - Taylor Swift's engagement ring, featuring a large old-mine-cut natural diamond, has generated significant cultural interest, contrasting with the minimalist styles that have dominated recent trends [7]. - Other celebrities like Zendaya and Miley Cyrus have also contributed to the renewed attention on unique diamond styles, showcasing large stones with distinctive settings [9]. Shifts in Consumer Preferences - There is a noticeable shift in consumer preferences towards larger natural diamonds in fancy-cut shapes, with elongated fancy shapes becoming increasingly popular [12]. - The renewed interest in antique and heritage stones is driven by their uniqueness and the stories they carry, which lab-grown diamonds cannot replicate [10]. Marketing and Narrative Changes - The diamond industry is reframing its narrative to emphasize rarity based on character, age, and provenance, moving away from the traditional focus on flawless, colorless stones [11]. - The industry is leveraging celebrity influence and emotional storytelling to maintain relevance in a market where consumers prioritize price and purity [11][16].

Group 1 - The proposed merger between Anglo American and Teck Resources has been submitted to the EU for antitrust review, indicating that the EU does not foresee significant competition issues with the merger [1] - The European Commission is expected to make a decision on the antitrust matters by February 10, while Canada has already approved the transaction [1] - The European Commission is also evaluating the merger under its Foreign Subsidies Regulation, aimed at preventing unfair competition from non-EU companies receiving government subsidies, with a decision due on February 3 [1] Group 2 - The merger was announced in September of last year, aiming to create the fifth-largest copper company globally and marking the second-largest merger in mining history [1]

Group 1 - The article discusses Teck Resources (TECK) and previously assigned a hold rating due to concerns over shrinking margins and high operating costs, which accounted for approximately 77% of revenue [1] - The author emphasizes a focus on uncovering high-upside opportunities in overlooked sectors, particularly small-caps, energy, and commodities [1] - The investment strategy is based on the CAN SLIM framework, incorporating fundamental momentum indicators such as EPS, ROE, and revenue, along with macroeconomic filters [1] Group 2 - The author utilizes econometric tools like GARCH and Granger causality to analyze risk and volatility, aiming to understand how macro data influences market cycles [1] - The article indicates that the author has been managing personal capital since 2020 and advising under MiFID II regulations [1] - The focus is on identifying market discrepancies where the narrative does not align with the underlying numbers [1]

Group 1 - The article discusses Teck Resources (TECK) and previously assigned a hold rating due to concerns over shrinking margins and high operating costs, which accounted for approximately 77% of revenue [1] - The author emphasizes a focus on uncovering high-upside opportunities in overlooked sectors, particularly small-caps, energy, commodities, and special situations [1] - The investment strategy is based on the CAN SLIM framework, incorporating fundamental momentum indicators such as EPS, ROE, and revenue, along with price-volume confirmation and macroeconomic filters [1] Group 2 - The author utilizes econometric tools like GARCH and Granger causality to analyze risk, volatility, and the influence of macro data on market cycles [1] - The approach involves building conviction across technicals, fundamentals, and catalysts rather than relying on a single signal [1] - The author has been managing personal capital since 2020 and advising under MiFID II, holding a bachelor's degree in Business Administration and Economics, and currently pursuing a master's in Finance [1]

Group 1: Merger of Teck Resources and Anglo American - The Canadian federal government has approved the merger between Teck Resources Limited and Anglo American, forming a new company called Anglo Teck [1] - The merger was agreed upon by both companies on December 9, and Anglo Teck will focus on becoming a global player in critical minerals [1] - Anglo Teck has committed to invest $4.5 billion in Canada over the next five years [1] Group 2: MNP's Expansion in Quebec - Professional services firm MNP is expanding in the Lanaudière region of Quebec by merging with Boisvert et Chartrand, a chartered professional accounting firm [2] - The merger will be effective from January 1, and will increase MNP's presence to 36 offices in the province [2] - Following the expansion, MNP will have a total of 234 partners and over 1,500 team members in Quebec [2]

Core Viewpoint - The proposed merger between Anglo American and Teck Resources, named "Anglo Teck," has received regulatory approval in Canada and is now undergoing review by the Chilean Economic Prosecutor's Office, which could significantly impact the global copper market [1] Group 1: Merger Details - The merger is expected to increase annual copper production by 175,000 tons through synergies from the Collahuasi and Quebrada Blanca copper mines in Chile [1] - The merger is projected to enhance earnings before interest, taxes, depreciation, and amortization (EBITDA) by approximately $1.4 billion [1] - Canadian approval of the merger comes with several conditions, including the requirement for the merged entity to be headquartered in Canada, have a majority of directors based in Canada, and be listed on the Toronto Stock Exchange, along with a commitment to invest at least $3.25 billion in Canada over the next five years [1] Group 2: Regulatory Process - The merger has been submitted to the Chilean National Economic Prosecutor's Office for antitrust review, which follows a two-phase process [1] - The first phase lasts for 30 working days, during which most merger cases receive conditional approval [1] - If the regulatory body identifies potential market competition risks, a second phase of in-depth investigation lasting 90 working days will be initiated [1] Group 3: Market Impact - The two copper mines involved in the merger had production outputs of 558,000 tons and 207,000 tons, respectively, last year, indicating the merger's significant implications for the global copper market landscape [1]

Industry Overview - Selected metals, including gold, silver, and copper, experienced a breakthrough year with some of the best performances in history, prompting exploration of junior companies with strong assets and M&A potential [1] Northisle Copper and Gold - Northisle Copper and Gold Inc. is developing the North Island Project, a 34,000-hectare copper-gold porphyry district on northern Vancouver Island, featuring several large porphyry centers [2] - The project hosts 6.9 million ounces of indicated gold and 3.1 billion pounds of indicated copper, with potential for further resource growth if certain centers are confirmed as part of a larger system [3] - The 2025 Preliminary Economic Assessment (PEA) outlines a 29-year mine life, average annual production of about 157 million pounds of copper equivalent, an after-tax NPV of $1.5 billion at a 7% discount rate, and a 29% IRR based on conservative commodity assumptions [4] - Key milestones for 2026 include an integrated resource update in Q2 and a pre-feasibility study in Q4 [5] Cassiar Gold - Cassiar Gold Corp. focuses on the Cassiar Gold Property in northern BC, Canada, which includes the Taurus deposit and a high-grade historic vein camp [6] - In 2025, Cassiar reported an updated NI 43-101 resource of approximately 410,000 ounces of gold in the Indicated category and 1.93 million ounces in the Inferred category [7] - The 2025 drilling campaign expanded to ~7,300 meters, demonstrating extensions of mineralization and new targets [8] - Cassiar has strong potential for cash flow in a gold bull market due to existing infrastructure and low capex, making it an attractive M&A target [9] - Near-term catalysts for M&A interest include further resource growth beyond ~2.3 million ounces and continued high-grade discoveries [10] Silver One Resources - Silver One Resources is focused on silver exploration with a portfolio of assets in Nevada and Arizona, including the Candelaria mine and Phoenix Silver [11] - The Candelaria technical report outlines 108 million silver-equivalent ounces in Measured & Indicated and 29 million in Inferred resources [12] - Work in 2025 at Phoenix Silver identified high-grade native silver targets, with drill intercepts of about 3,800 grams per metric ton [13] - The company is developing a proprietary non-cyanide leaching technology that could significantly improve recovery efficiency, projecting a potential recovery of 30 million ounces of silver from heap leach pads [14][15] Canterra Minerals - Canterra Minerals focuses on critical minerals and gold in central Newfoundland, owning the Buchans Critical Minerals Project and the Wilding Gold Project [17] - In 2025, Canterra conducted a 10,000-meter drilling campaign at Buchans, returning strong copper-equivalent grades [18] - Wilding's 2025 fieldwork recorded its highest-ever gold sample, with a new drilling program scheduled for Q4 2026 [19] - Canterra is well-funded for continued exploration into 2026, with a recent $5.7 million financing [19] - If Canterra can demonstrate a large gold resource at Wilding, it could become a logical acquisition target for Equinox [20][21]

Core Insights - The global diamond industry is facing significant challenges due to weak demand, competition from lab-grown diamonds, and geopolitical tensions [1] Company Performance - De Beers, the largest diamond miner, reported a substantial revenue decline, accumulated approximately $2 billion in unsold natural diamonds, and announced plans to reduce its workforce by over 1,000 jobs [2] - Alrosa, a major Russian diamond producer, experienced a nearly 80% drop in profits and suspended operations at key sites, although it managed to end the year in a better position than anticipated [3] Market Dynamics - Lab-grown diamonds, which are chemically and visually identical to mined diamonds, are increasingly influencing consumer behavior and driving down prices for natural diamonds [4] - The rise of synthetic stones has prompted De Beers to shift its strategy, abandoning its Lightbox lab-grown jewelry brand to focus on marketing mined diamonds [5] Regional Impact - Botswana, the leading natural diamond exporter in Africa, has been severely affected, with significant sales declines leading to production cuts and rising unemployment [6] Consumer Trends - Analysts attribute the market disruptions to changing consumer preferences, an oversupply of lab-grown diamonds, and a slowdown in the luxury market in China [7] - Despite recent softening in lab-grown diamond prices, industry leaders believe that rebuilding confidence in natural diamonds will require ongoing branding efforts and strategic collaboration [7]